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Property on loan going for redevelopment

Friday, December 23, 2016

Can foreign citizens of Indian origin give properties on rent?
Yes. Reserve Bank has granted permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income has to be credited to the NRO account.

What are the steps a flat owner must take if there is an existing loan on a property and the building is set to undergo redevelopment?
When the society enters into an agreement, there must be an approved plan of new building alongwith IOD received from the BMC. The agreement for permanent alternate accommodation is to be executed between existing members, society and developer and it must be duly registered. Thereafter, the members who have taken the loan must apply to the financial institution to replace the new security with old security, which would be demolished. The necessary NOC from the developer and society to mortgage new flat is given to the financial institution. Generally, the financial institution agrees to replace the security. If the financial institute does not agree, the concerned member is required to arrange funds from other sources and clear the same.

Can a representative of a company occupying flat in a society attend its Annual General Meeting?
A representative of a company occupying a flat allotted by the company cannot attend its AGM. Mere occupation of flat does not confer any right of representation on behalf of the company at the AGM.

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